Company News

BARGAIN STORAGE ACHIEVES 3-YEAR GOALS AND UNVEILS NEW STRATEGIC PLAN

March 23, 2016

Bargain Storage, a division of Business Property Trust, is proud to announce that it achieved its three-year goal of increasing its self-storage portfolio to 30 properties, ending 2015 with 31 self-storage facilities. The company unveiled its new three-year plan, announcing its intentions to strengthen its self-storage portfolio further.

“In 2013, we determined that the self-storage properties were our strongest performing assets and mapped out a plan to expand that part of the business,” said Bargain Storage president, Barry Raber.

“At the time, we had 12 facilities and set a goal to grow the portfolio to 30 in three years, start a property management company and create an experience for both the investor and the consumer that was different and better than what you might find at another storage company. In retrospect, those were pretty ambitious goals,” continued Raber.

The company made quick progress, adding five properties in 2013, 11 in 2014 and four more in 2015. The growth occurred in Phoenix, Tucson, Las Vegas, Dallas and Houston. It also grew from a small team of 18 to a group of 62 enthusiastic team members at the end of the three-year period.

“Balancing the physical expansion with the establishment of a completely new in-house property management company has been a crucial part of our success. We took time to clarify our core values, define our brand, and create processes designed to form a distinct culture and an excellent customer experience. We’ve come a long way,” said Raber.

The company also announced its new three-year plan covering 2016-2018.

“Our new plan reflects the transition from a ‘start-up’ phase to a more mature phase of
our company story,” said Raber. “In the next three years, while we will continue to add more properties, we will also focus on further development of the brand, process-based management systems as well as the culture. Refining these areas will help take our company to the
next level.”

Bargain Storage specializes in turning around undermanaged and neglected properties and now operates 33 facilities in Arizona, Colorado, Nevada, Oregon and Texas. Bargain Storage is a division of Business Property Trust, LLC, a niche real estate investment firm located in Portland, Oregon.